VND15 billion (US$590,000) was awarded to the three winning teams of the Net Zero Challenge 2024, Vietnam’s largest international competition on green growth and carbon neutrality.

The final round of the Net Zero Challenge 2024 took place on Friday afternoon in Ho Chi Minh City, featuring nine teams selected from 500 applications across 55 countries and territories worldwide. 

The competition was organized by Vietnam’s Touchstone Partners venture capital fund, Singapore’s Temasek Foundation, and the Ho Chi Minh City Institute for Development Studies.

After a competitive final pitching session, the organizers announced the three winning teams in each track.

CO2L Tech from Canada won the Renewables and Carbon Removal track for their cost-competitive CO2 capture and utilization technology, producing valuable chemicals with up to 90 percent less carbon footprint.

N&E Innovations from Singapore won the Food Systems & Sustainable Agriculture track for their biodegradable antimicrobial coating and packaging made from upcycled food waste, which helps reduce post-harvest loss by at least 20 percent.

Bygen from Australia won the Circular Economy & Waste Management track for their sustainable activated carbon production from agricultural waste at 60 percent lower production costs.

Each winning team received a prize of VND5 billion ($196,700). 

Additionally, N&E Innovations and CO2L Tech were awarded an investment prize of $50,000 each from Sopoong Ventures and Touchstone Partners, respectively. 

Heng Li Lang, head of climate and liveability at Temasek Foundation, speaks at the grand finale of the Net Zero Challenge 2024 held in Ho Chi Minh City, November 22, 2024. Photo: Bao Anh / Tuoi Tre News

Three other finalists -- Cruz Foam from the U.S., Blusink from the UK, and MYCL from Indonesia -- also received investment prizes and other grants worth $50,000 each from Hao Shi Foundation, SembCorp Industries, and Dragon Capital, respectively.

Among the nine teams that reached the final round, a Vietnamese team, RARE Toles, presented a roof cooling coating solution that can save up to 30 percent in energy consumption within the fields of renewable energy and CO2 neutrality.

Speaking at the event, Nguyen Van Dung, deputy chairman of the Ho Chi Minh City People’s Committee, highlighted that this is the largest international competition in Vietnam focused on green growth and carbon neutrality.

Dung expressed honor that the participating teams, from all around the world, have chosen Ho Chi Minh City as the place to promote their technological innovations. 

In addition to the official prize pool of VND15 billion, the competition this year also received significant support from large corporations, international organizations, and investment funds, creating a rich ecosystem for the teams to develop and deploy their initiatives in Ho Chi Minh City, the southern region, and nationwide.

“Green and technology businesses have demonstrated their effectiveness, with their models serving as clear evidence of Ho Chi Minh City’s ability to mobilize both domestic and foreign resources,” Dung emphasized. 

“The city continues to attract talent from around the world, serving as a ‘fertile land’ for ideas, capital, and a spirit of entrepreneurship, start-ups, and international innovation.”

Nguyen Van Dung, deputy chairman of the Ho Chi Minh City People’s Committee, speaks at the grand finale of the Net Zero Challenge 2024 held in Ho Chi Minh City, November 22, 2024. Photo: Bao Anh / Tuoi Tre News

The Net Zero Challenge 2024, the second edition of the annual contest seeking technological solutions to address climate change, began in Ho Chi Minh City on July 16. 

It was open to Vietnamese and foreign startups, research teams, and non-profits working in climate technologies.

Entities whose solutions have been commercialized in other nations but want them piloted in Vietnam were also encouraged to join.

The number of participants in the competition this year has grown significantly compared to over 100 applicants from 45 countries and 200 from Vietnam in 2023.

“This year, we were impressed by the quantity and quality of participants and the level of interest from international teams, investors, and partners,” said Tu Ngo, general partner at Touchstone Partners. 

“This also supports our thesis in building the Net Zero Challenge as an open platform for climate technology, serving as a bridge between ecosystem partners and startup founders.”

Nguyen Quoc Hung, representative of Vietnam's RARE Toles, presents his pitch at the grand finale of the Net Zero Challenge 2024 held in Ho Chi Minh City, November 22, 2024. Photo: Bao Anh / Tuoi Tre News

“Temasek Foundation is proud to support the winners of Net Zero Challenge 2024 as they pilot their innovations in Vietnam,” stated Heng Li Lang, head of climate and liveability at Temasek Foundation. 

“Congratulations to these trailblazers for their inspiring solutions, which are paving the way for transformative change by seizing green opportunities and scaling sustainability solutions. 

“This underscores our commitment to fostering enduring partnerships with governments, businesses, investors and innovators, driving impactful solutions that will benefit both the people and planet.”

Truong Minh Huy Vu, director at the Ho Chi Minh City Institute for Development Studies, stated that they were excited to see new technologies in Vietnam’s green economy and were committed to supporting these initiatives.

“We aim to create the best conditions for these innovative projects to grow and help achieve national goals for a green transition and sustainable growth,” Vu said.

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